E.W. Quick & A.E. Quick Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04731298 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

E.W. QUICK & A.E. QUICK LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

E W Quick

Mrs A E Quick

A E Quick

SECRETARY:

E W Quick

REGISTERED OFFICE:

Mitchells Chartered Accountants

St. John's House

Castle Street

Taunton

Somerset

TA1 4AY

REGISTERED NUMBER:

04731298 (England and Wales)

ACCOUNTANTS:

Mitchells Chartered Accountants

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

FIXED ASSETS

Intangible assets

4

-

68

Tangible assets

5

767,532

767,611

767,532

767,679

CURRENT ASSETS

Stocks

4,812

4,172

Cash in hand

300

300

5,112

4,472

CREDITORS

Amounts falling due within one year

6

231,589

289,171

NET CURRENT LIABILITIES

(226,477

)

(284,699

)

TOTAL ASSETS LESS CURRENT LIABILITIES

541,055

482,980

PROVISIONS FOR LIABILITIES

3,331

3,346

NET ASSETS

537,724

479,634

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

7

537,424

479,334

537,724

479,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2020 and were signed on its behalf by:

E W Quick - Director

1.	STATUTORY INFORMATION

E.W. Quick & A.E. Quick Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic payment entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

15% on cost, 12.5% on cost and Straight line over 20 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

and 31 March 2020

342

AMORTISATION

At 1 April 2019

274

Charge for year

68

At 31 March 2020

342

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

68

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2019

750,000

166,290

916,290

Additions

-

1,743

1,743

At 31 March 2020

750,000

168,033

918,033

DEPRECIATION

At 1 April 2019

-

148,679

148,679

Charge for year

-

1,822

1,822

At 31 March 2020

-

150,501

150,501

NET BOOK VALUE

At 31 March 2020

750,000

17,532

767,532

At 31 March 2019

750,000

17,611

767,611

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Corporation Tax

15,348

21,278

Other creditors

168,654

223,435

Directors' current accounts

41,400

41,400

Accrued expenses

6,187

3,058

231,589

289,171

7.

RESERVES

Retained

earnings

£

At 1 April 2019

479,334

Profit for the year

64,090

Dividends

(6,000

)

At 31 March 2020

537,424

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of E.W. Quick & A.E. Quick Ltd for the year ended 31 March 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of E.W. Quick & A.E. Quick Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of E.W. Quick & A.E. Quick Ltd and state those matters that we have agreed to state to the Board of Directors of E.W. Quick & A.E. Quick Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than E.W. Quick & A.E. Quick Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that E.W. Quick & A.E. Quick Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of E.W. Quick & A.E. Quick Ltd. You consider that E.W. Quick & A.E. Quick Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of E.W. Quick & A.E. Quick Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mitchells Chartered Accountants

St. John's House,

Castle Street,

Taunton

Somerset

TA1 4AY

12 February 2021